Cboe Global Markets (Cboe), the world’s leading derivatives and securities exchange network, announced plans to offer 24-hour, five-days-a-week (24×5) trading for U.S. equities on its Cboe EDGX Equities Exchange (EDGX), subject to regulatory review and industry developments. The proposed expansion aims to meet growing global customer demand for expanded access to U.S. equities markets.

“We continue to hear from market participants globally – particularly those in Asia Pacific markets like Hong Kong, Japan, Korea, Singapore and Australia – that they want greater access to U.S. equities trading and need trusted venues that can offer transparency, robust liquidity and efficient price discovery,” said Oliver Sung, Head of North American Equities at Cboe Global Markets. “As the world’s largest global exchange operator, Cboe is uniquely positioned to meet that demand. By leveraging our global infrastructure, leading-edge technology, and proven experience facilitating around-the-clock trading in global markets, we believe we can seamlessly support a 24×5 trading model for U.S. equities.”

Cboe operates 27 markets across five asset classes in the U.S., Asia Pacific and Europe. Currently, it already supports extended trading hours for U.S. equities on EDGX, with early order acceptance beginning at 2:30am ET and trading available from 4:00am ET to 8:00pm ET, Monday through Friday. During its Early Hours Trading session (4:00am – 7:00am ET), average daily volumes on EDGX increased by 135% between 2022 and 2024. Cboe also offers near 24×5 trading in its proprietary S&P 500 Index (SPX) options, and Cboe Volatility Index (VIX) options and futures markets, in addition to 24×5 trading in its global FX markets. The proposed 24×5 trading model for U.S. equities is expected to further expand trading opportunities for investors worldwide, enabling them to react to global macroeconomic events as they are happening, manage risk more effectively, and adjust positions around the clock.

To complement the planned expansion, Cboe continues to significantly increase distribution of its U.S. equities market data for APAC and European customers, recognizing real-time pricing as an essential component of the investing and trading process. Its Cboe One U.S. Equities Feed, available to customers globally, offers consolidated, real-time market data from Cboe’s four U.S. equities exchanges – which collectively account for 21.6% of U.S. equities on-exchange trading¹.  Cboe expects extended trading hours will further increase the breadth of U.S equities market data it already offers.

Cboe plans to make all listed NMS stocks available for trading on EDGX for 24 hours every business day (excluding U.S. holidays), subject to regulatory review, with all trades expected to be cleared through the Depository Trust and Clearing Corporation (DTCC). The company plans to seek approval from the Securities and Exchange Commission (SEC) and will collaborate with other industry participants to ensure operational readiness for this initiative.

Source: Cboe

Cboe Promotes Alex Dalley to Head of European Cash Equities

Cboe Europe, the largest pan-European stock exchange, announces that Alex Dalley has been promoted to Head of European Cash Equities, reporting to Natan Tiefenbrun, President, North American and European Equities. In this new role, Alex will be responsible for product, sales and execution consulting for Cboe’s European equities business

·       Further changes include:

§  Jerry Avenell, previously Co-Head of Sales, will become Head of Sales for European Cash Equities, reporting to Alex.

§  Julie Zhou, previously Director, Sales, will take on the responsibility for leading continental EU sales, reporting to Jerry

Natan Tiefenbrun, President, North American and European Equities, said: “These are well-deserved promotions and new roles for all involved, and I’m particularly excited for Alex to assume the role of Head of European Equities. He has a long and highly successful track record in European equities venue landscape and I look forward to continuing to work with him and the rest of our talented team in support of our strategic growth plans and to advance our position as Europe’s largest and most innovative stock exchange.”

Alex Dalley said: “I am thrilled and honoured by the opportunity to become Head of European Equities. I am passionate about Cboe Europe and the important role it plays in advancing Europe’s equities markets for the benefit of end investors and issuers. I look forward to working with the best-in-class team we have in Europe to support our continued growth and introduce more innovation and efficiencies for our customers and the markets we serve.”

Alex Dalley is Head of European Equities for Cboe Europe, which operates the largest pan-European stock exchange and equity trade reporting facilities. He was previously Head of Cboe NL, Cboe’s Netherlands-based exchange which operates pan-European equities and equity derivatives exchanges. In addition, he was also co-head of Cboe Europe’s equities sales division, with responsibility for client relationship management and development in continental Europe.

As one of the first employees to join Cboe Europe in 2008, Mr. Dalley was responsible for building the MTF’s trading participant community as head of sales. Alex was previously with the London Stock Exchange where he served as head of membership and exchange trading directing Exchange trading sales, client management and member firm acquisition. He also led business development for the LSE buy-side/sell-side FIX hub and spoke service.

Source: Cboe Europe